Fujifilm takes control of Xerox and cuts 10,000 jobs [CNNMoney.com]
FUJIFILM HLDGS CORP ADR (FUJIY)
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Source: CNNMoney.com
Fujifilm's secret to survival Japan's Fujifilm is taking control of Xerox and shedding 10,000 jobs at their existing joint venture in Asia. Struggling with falling demand for copiers and printers, Xerox has agreed to merge its operations with Fuji Xerox, the joint venture that has been in business since 1962, the companies said Wednesday. As part of the Fujifilm deal, existing Xerox shareholders will receive a cash dividend of $2.5 billion. Once the deal closes, Fujifilm ( FUJIF ) will control 50.1% of Fuji Xerox, with Xerox ( XRX ) shareholders owning the rest. Fujifilm announced earlier Wednesday that it plans to lay off 10,000 Fuji Xerox workers. The job cuts are part of a wider restructuring that the company is undertaking in the face of increased competition, Fujifilm said. It expects to reduce annual costs by 50 billion yen ($460 million) in the process. The market environment ...
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